Aircraft Owners

Owning an aircraft entails obligations that differ markedly from those of standard vehicle ownership. Maintenance tracking, the validity of the airworthiness certificate, and determining who may operate the aircraft are key variables that shape the ownership risk profile.

Risks You May Face

Overlooking parking and maintenance risks during extended periods of non-operation
Permitting other pilots or family members to operate the aircraft
The ownership structure (individual, partnership, company) affecting liability exposure
Finance or leasing arrangements requiring the lender to be named as loss payee
Failure to reflect changes in the aircraft's insured value over time

Insurance Needs to Consider

Assessment of hull coverage for physical damage to the aircraft
Third-party liability coverage arising from the operation of the aircraft
Clarification of whether parking and hangar risks are addressed in cover
Reflecting co-ownership arrangements and associated liability apportionment in the policy

Points Worth Noting

Owners who do not fly regularly are advised to consider parking and maintenance risks
Any arrangement for another pilot to operate the aircraft should be declared to the insurer in advance
Changes in use (private to commercial) must be notified and updated in the policy
If a finance institution is involved, it is important that the loss payee details are correctly stated in the policy

Pre-Application Checklist

Have the aircraft registration and airworthiness certificate readily available
Ensure easy access to maintenance records
Clarify who is authorised to operate the aircraft
Identify the principal base / parking location
State the ownership structure (individual / partnership / company)

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Risks You May Face

Overlooking parking and maintenance risks during extended periods of non-operation

Permitting other pilots or family members to operate the aircraft

The ownership structure (individual, partnership, company) affecting liability exposure

Finance or leasing arrangements requiring the lender to be named as loss payee

Failure to reflect changes in the aircraft's insured value over time

Points Worth Noting

Owners who do not fly regularly are advised to consider parking and maintenance risks

Any arrangement for another pilot to operate the aircraft should be declared to the insurer in advance

Changes in use (private to commercial) must be notified and updated in the policy

If a finance institution is involved, it is important that the loss payee details are correctly stated in the policy